image credit: Adobe Stock

71% of CMOs lack the budget needed to execute marketing strategy in 2023

May 24, 2023

As economic headwinds persist, chief marketers are feeling the impact, left to balance lofty brand ambitions with narrowing budgets. According to Gartner, 75% of CMOs feel heightened pressure to “do more with less” to drive profitable growth this year, however, 86% report that they must enact major changes to achieve sustainable growth.

“Suppressed budgets, increasing costs and lower productivity are squeezing CMOs’ spending power,” Ewan McIntyre, chief of research and vice president, analyst in the Gartner Marketing practice, said in the press release. “As volatility becomes the new normal, many CMOs are pricing disruption into their 2023 plans.”

Read More on Retail Dive